As far as I know there is no fix rate of "everyday must X amount of income" Instead sometimes NOT TRADING at all is part of trading. Give for example is like end of the year(just like now), pricing of FX is erratic, illogical, spread are generally higher too. Majority of the traders/ big guys are holiday mode. You probably more likely to be "profitable" (not losing) by being sidelines than actually trading.

depends on how fast you scalp, ultra short timeframe usually less successful. and also depends on market. sometimes the only way of making is scalping.

But generally Risk/Reward ratio is one of the major factor in this game. Risk first profit later.Always think about the worst condition and prepared for it.

being a day/multi day trader,I basically have a fix amount of loss daily. if I exceed that, I just close trade & switch off and watch TV, trade next day.

New year good opening +42pips x2 , As always Peeking Daily Chart pwn. They always should u the right direction

*Just that I paid 21pips on the run up to 3625 .... well overall still 63+

What not stable? a clear sign of fall from 3-4hour/daily chart after the second 3625 attempt failed. Thats 100 pips fall is pretty much classic. Sadly I only grabbed half of it tho.


Just pay more attention on Long timeframe chart, they will give u an idea. The only risk here is trend change right after when u look at it, which is harder to be detect, but it takes days of weeks for that to change. Fundamentally Eurozone isnt that great enough to warrant Euro to be High Value.

This post has been edited by billytong: Feb 7 2011, 10:41 PM

exactly these "exploits" can be easily as accurate up to 90% if you are pretty good in spotting one. Its like 5min-2hours work. then the rest of the day is free hours for other stuff.

Not a good day for me today, that pop up @ 2-3pm eat away my pips, lucky I re-shorted for profit 46pips, otherwise I will be -60
. Still -14 overall.

---

Added on February 16, 2011, 7:23 pmIMO, EU is better to short than AU. Euro debt issue = bearish love.

Aussy central bank has been hawkish about the inflation, which signal rate hike.

To be honest I never like shorting AU at these days. That pair seems to be not going below 9800 at all.

This post has been edited by billytong: Feb 16 2011, 07:23 PM

Why would u want to hold a few hundred pips of drawdown when u can exit and wait for better entry. If you know the market is going on ur favor, u should have also know the risk involve.

There are risk that you tot the market should be bullish, but instead the market could went a few hundred pips against you and stays there or get worst. Some jerk in Central bank can easily blow all ur trades by a few statements. If thats happens thats a few hundred pips of loss or thousands.

While I agree that trading longer timeframe should have largr stops, but I will not agree that one should trade without a stop. besides stop with 20-30pips are usually good enough to handle the noise. Anything above its just means you get the market wrong. What Luqmaz suggest is what I would suggest too, it is a better way to trade, risk must be in controlled. no matter what.

I would rather eat that 20-30pips loss and reenter later than trying to hold 200-300pips drawdown, because if with 20-30pips loss I can make 10 mistakes and still losing the same as your rarer 1 mistake. If I make 10 losses in a roll, it is not the market goes wrong it is myself who got wrong.

Well thats just me and my opinion. Cheers.

This post has been edited by billytong: Feb 18 2011, 02:13 PM

It is a large snowball just rolled during Asian, I dont think it will stop that easily.

http://www.forexfactory.com/news.php?do=news&id=281744
Because some people got big mouth.

As I said, one guy in Center bank is all it needs to make the difference.

This post has been edited by billytong: Feb 22 2011, 08:58 PM

Sticking with the biggest broker u can find,

Oanda, ibfx, interactivebrokers etc.

thats the thing I do, but if u are swing trader u will be thinking....

when u watched TV, u will switch to CNBC once a while,
if u go gym, u will watch CNBC @ gym center too,
b4 u sleep u check price again,
morning b4 breakfast, u check again,
lunch u check again.
Go to shopping u keep wondering what is the price.
for example say...ECB got say XXX today wor, will be talk dovish,hawkish for Euro drop/up 100-300pips in a few days? What about Libya prob, example later if some latest breakthrough news can send oil price shoot up, euro follow up 100-300pips.

with a few thousand to tens of thousand on the table in market, it is hard for a trader not to think at all lol.

Seriously....thats how I dont want to be Swing trader too long lol. Your mind will be full of FX the whole day.

Login get the daily trend, trade a few hours, get out. and completely forget about it, thats a lot better at least for me.

This post has been edited by billytong: Feb 28 2011, 06:07 PM

it is not disconnected from Fundamentals, dont expect green news produce bulls all the time,

it depends on what the market focus really on, if it is focus on Oil price inflation, even red news from EUROPE wont change the trend. You have to know what the market is focusing on.

Right now it seems to focusing on inflation, ignoring anything else.

Euro summit is around the corner. It will be interesting to see how The Portugal Bailout play out, it might get the stocks/euro down.

Even 10pips a day is already a lot when one trade 10-20 lot per pip. thats about RM300-600 per day. I say +/- 10-20pips can be done within 5min to 4hours. You dont even need to plot the trend, u just identify S/R lvl and exploit the bounce.

Of cos if u trade this big, it comes with huge acc. Dont expect small money to make big money.

I say even 5% a month is very good already. u get about 60% ROI per annum, minus the possible losses u had say 20%, u still netting 40%. FD are just below 3% per year, beat that.

I LOLed, I got ~RM1.9K in 22mins what a beautiful drop. I just wish everyday is like this fast

well they are de-leveraging the USD short, this is more like profit taking. Euro summit is coming by tomorrow, nobody want a surprise bad news like Portugal bailout.

I think if the bailout comes true, it will be a 1-2 more weeks of bearish. I am still wondering will ECB gonna hike rate, its like killing Greece/Portugal/Irish and other debt countries if they wish to do it.

The FED seems to be smarter these days.

to be honest, it could also mean that they knew Euro is due to fall for this "Portugal bailout" issue. They (ECB) could use this recent oil price as "inflation issue" and say "Yeah we could rate hike in April" just for a reason to bring up Euro so it fall from higher spot or didnt fall like rock.

you and I know how much euro fall when Greece problem out. Portugal may not be as bad as Greece. But "rate hike" things helps to keep euro level in check not fall like rock, and it also helps to keep other healthy Euro countries inflation pressure lower, as Strong Euro helps to ease inflation. But if they really do a REAL rate hike, I am pretty sure those Debt Euro countries will scream lol.

Have u look carefully at the huge candle bar @ last Thursday? Who would have know it jump 130pips in 30mins. Its that ECB say "rate hike" issue, any technical indicator wont even predict that spike. lol.

The Things is Fundy study always overwrites technical. Lets see this Portugal thing is a "ok" or a burst like Greece.

This post has been edited by billytong: Mar 10 2011, 06:44 PM

Ya Lots of things are unexpected these days, trading too long term are risky too

The BoJ are injecting huge amount of money in JPY market to help the Quake recovery, trade JPY pairs with cautions, lots of things even fundamentals/technical will not make any sense this week. (especially JPY cross)

All the focus are on Japan disaster recovery.